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Not only do these steps keep them going but once they are successful they can look back at these steps to see if they need to modify any objective.
There may be additional regulatory steps you need to follow depending upon where you have located and the type of organization you are.
Some of them are below:
- Do your homework – Create your business plan, and marketing plan. Study and research your industry well, see what your competitors are doing and how you can do it differently. Your government may have resources for small businesses too.
- Remember the Golden Rule – Map it out (document your requirements well). Determine what you will be doing in 3 and 6 months, 2 and 3 years in the timeline. After all the above work, prepare a scope for developing an MVP (Minimum Viable Product). Don’t forget to look back at these documents in the future to make sure you are heading in the right direction.
- Use Open Source – Look for available development options, you might find off the shelf solutions or tools which you can learn and use yourself. Open source does not mean you will get lower quality but greater community input. Search the internet for open source software, and ask others what they use.
- Keep up on user trends – Understand the community features that people like to use. Study user engagements and behavior in your industry. Know what your customers use and how they use it to incorporate it into your product. Trends change as people change follow online design blogs and sites.
- Study Digital Marketing – This is the most important aspect of product development. After your website is built you need to have a marketing plan in place. Digital marketing is the way to go forward to get your brand and product noticed. Some of the digital marketing services working for fresh startups are SEO, PPC, Online PR, Article Submissions, Press Releases, Blogs
- Learn from other entrepreneurs – Read, Read, Read! Case studies exist of successful entrepreneurs and how they ended up getting funding or valuation. Look to the Small Business Administration or other organizations for success stories.